Mr. Christopher van Tienhoven reports

PATAGONIA GOLD QUARTER 3 2023 FINANCIAL RESULTS

Patagonia Gold Corp. has released its financial results for the quarter ended Sept. 30, 2023 (Q3 2023). The financial statements, together with the related management's discussion and analysis, are available on the company's website and under the company's profile on SEDAR+.

Highlights:

• Generated revenue of $3.3-million (U.S.) in Q3 2023;
• Produced 1,079 gold equivalent ounces (1) and sold 1,722 gold equivalent ounces (1) in Q3 2023;
• Incurred exploration expenditures totalling $790,000 (U.S.) in Q3 2023;
• The permitting process for the advancement of the Calcatreu project continues and once the new government, national and provincial, takes office on Dec. 10, 2023, it is expected that the permitting process will follow the timeline of the legislation.

(1) Consisting of 828 gold and 20,508 silver ounces of production and 1,294 gold and 34,879 silver ounces sold, converted to a gold equivalent using a ratio of the average spot market price for the commodities each period. The ratio for three months ended Sept. 30, 2023, was 80.89:1 (2022 -- 88.12:1).

Qualified person's statement

Donald J. Birak, an independent consulting geologist, registered member of SME, fellow of AusIMM and qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in this news release.

About Patagonia Gold Corp.

Patagonia Gold is a South America-focused, publicly traded, mining company listed on the TSX Venture Exchange. The company seeks to grow shareholder value through exploration and development of gold and silver projects in the Patagonia region of Argentina. The company is primarily focused on the Calcatreu project in Rio Negro and the development of the Cap-Oeste underground project. Patagonia, indirectly through its subsidiaries or under option agreements, has mineral rights to over 430 properties in several provinces of Argentina and Chile, and is one of the largest landholders in the province of Santa Cruz, Argentina.

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